Online title loans are a great way to get quick cash by using the value of your car as collateral in a secured loan. That pink slip in your bottom drawer can be exchanged for cash. For many customers, auto title loan companies are great places to look for that small-to-medium sized loan because you do not have to have great credit to take out a car title loan. On top of that, loans are often approved and transferred within 24 hours of application. Best of all with shopping around your interest rate and payments can be lower.
Upon your very first search for car title loans, you will likely find a huge list of online title loans offered not only in your state, but across the country. While so many options can makes the process quick and hassle-free, it can also lead to some very understandable suspicion and anxiety.
Before you are approved for a loan and before you even being applying for car title loans, you will probably want to go through an extensive checklist to make sure that you are choosing the amongst the best online lenders that are available to you.
As a borrower, you need to make sure that you are going into business with a reputable lender with excellent customer service. You want to be sure that you are not only getting the most amount of money available to you, but that you will be working with one of the top businesses in the market. So, how do you make sure that you are doing just that?
Look over these four tips to find top rated online lenders
1.Go through online firms to find the best auto title loan companies.
There’s no doubt that you would like to hand over the title of your vehicle to just anyone. You want to make sure that you are going through each step legally and responsibly. Makes sure that all the paperwork that is required by law is being duly signed by both parties before applying for the online title loan. A legit and respectable company will always insist that this is the first step.
2.Get a great deal at a reputable title loan place
All providers of online car title loans are not created equal. It is important to stay vigilant and not simply take everything they say or every offer they make at face value. Regardless of what you hear about the auto title loan companies you are considering borrowing from, be sure to look up further information online.
One option that you can use to compare car title lenders is to take a look online databases of many lenders across the country. With large databases, you can find a list of companies that you deem the best fit to lend you your money and begin the application process with all or any of them.
Databases are incredibly useful because you can quickly compare important factors such as interest rates, processing times, customer service, and finance terms. Such analysis only takes several minutes, but can have a huge impact on how positive or negative your experience is in the long term.
3.Read Customer Testimonial on title loan companies
This is a fantastic resource regardless of what kind of loan you are looking to take out. Testimonials from past customers can tell give you first-hand accounts of what it is like to work with a title lender that you are considering. From that, you can make a more educated decision regarding whether or not you are ready to take the plunge.
Many of the most reputable car title lenders will actually offer customer testimonials on the websites. That is always a great sign. If testimonials are not made available on their site, you should be able to find them on any number of online business review sites. If you are unable to find
4.Try your bank or places nearby and check the estimate to the paperwork.
This rule should go without saying, but for some people, they are so excited to be offered a loan by any number of auto loan companies that they do not spend the time necessary to really know the ins and outs of their own loan. The finalized loan document should match the given estimate exactly.
If you neglect reading the fine print, you may miss out on some of the most important parts of your loan. For example, you will find out whether or not they provide payment terms for a few days, 30 days, or several months. Are there prepayment penalties? What happens if you miss a payment? Will the lender lender you more money if you need it and if so how much. You will find out about the cap they can offer for your car title so you know whether or not you will even be getting enough to pay off the bills, or make the purchase you need the loan for in the first place. Furthermore, you will find out about the company’s payment plan, as many online title loan companies have short duration limit and charge penalties on delayed payments.
Apart from these kinds of details, look at the contract’s fine print to see if there are loan terms that stand out in any way. Be on the lookout for terms that will increase interest rates in case of a delay in payment. Make sure to find out the procedure for calculating interest as well as the period in which it is calculated.
It is also crucial to find out exactly what the fine print on the loan states regarding what must take place before your lender repossesses your car. Most contracts stipulate that even one month of missed payments is enough for them to repossess your vehicle, but that is not always the case. Especially if you are living in states such as California or Texas.
Just like the lender is evaluating you when you submit your application, you should be evaluating your lender before you agree to take out a loan with them. This should be a two-way street and it is crucial to know that you are borrowing from auto title loan companies that you can trust before, during, and after your loan.
Taking out a loan of any kind can be a stressful and somewhat scary experience. Hopefully these tips will help you keep your head while you seek out the right car title loan for you.